Top economy board talks crypto currency regulations

ANKARA

This year’s first Economy Coordination Board (EKK) meeting has been held, with regulations on crypto currencies topping the agenda.

Members of the board met on Jan. 22, chaired by Vice President Cevdet Yılmaz, to discuss the latest developments in the Turkish and global economy.

The board said in a written statement following the meeting that the stage reached in the legislative work being prepared to regulate the crypto asset ecosystem and the details of the legislation were evaluated.

"The issues to be included in the draft law will be evaluated and the regulation is expected to be adopted in the coming days. This regulation will fulfill one of the necessary conditions for our country to leave the gray list," the statement read.

Preparations for a "governance reform" to ensure that state-owned enterprises continue to operate in line with macroeconomic, sectoral, and social policies to support fiscal sustainability were also discussed at the meeting.

The statement said the board members evaluated the work on this reform and the steps to be taken in the coming period. It was decided that these studies, conducted under the coordination of the Treasury and Finance Ministry, will be completed and implemented in 2024.

The EKK stated that structural reforms will be implemented to increase the competitiveness and productivity of the economy with an investment, employment, production and export-oriented approach, and noted that effective and decisive steps will be taken in coordination in this direction.

“Structural reforms are expected to complement monetary and fiscal policies not only through efficiency and effectiveness, but also through the expectations channel. Moreover, these reforms are expected to contribute to the objective of reducing inflation to single digits in the medium term and to increasing sustainable social welfare through stable growth,” said the statement, adding that the structural reforms envisaged in the Medium-Term Program will be closely monitored at future EKK meetings.